The National Association of Realtors is reporting that pending home sales were down 2.7% in May, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 76.5 in May. In addition, the NAR says year over year, pending transactions fell by 22.2%.
“Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing…The lack of housing inventory continues to prevent housing demand from being fully realized” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
